Aviva reportedly helps millions of customers with planning for their futures so its a key moment for the Open Banking community when they decide “to make a move in this space.”
Bud‘s management noted that they’re looking forward “to supporting them along the way.”
It’s great to be able “to say that following a rigorous selection process, [Bud was] chosen by Aviva to provide the tech behind their new Open Banking dashboard.”
Aviva had initially “reached out earlier in the year to discuss the prospect of providing an Open-Banking-enabled dashboard to their workplace pension clients.”
The idea is that the dashboard will “act as a new capability that Aviva’s clients can offer to their pension scheme members and correlates very closely with the insights coming from its ongoing age of ambiguity studies.”
The solution uses Bud’s “Connect” Open Banking gateway “to help Aviva corporate pension members access transaction data through Open Banking – and our ‘Intelligence’ enrichment product to help turn the data into insights that customers can use to help manage their finances.”
The Aviva Open Banking dashboard will help members to:
- Identify high cash balances in current accounts that can be better used elsewhere
- Identify increases in bills and opportunities to switch to better value providers
- Identify potential double-charges and high-value transactions
- Understand the carbon footprint of their spending habits
Aside from being an exciting customer-facing proposition with a household name institution, this is “a milestone project in several ways.”
By the time the project starts to roll out, Bud estimates that they’ll be “helping more people than any other Open Banking platform in the UK to understand and benefit from their financial data.”
That’s a major step towards their goal of “making sure that everyone, everywhere can benefit from their data and an exciting position to be in.”
Secondly, it’s a significant “sign of confidence in the Open Banking ecosystem to see a non-bank institution with the scale of Aviva stepping in like this.”
Bud claims it has said since day one of Open Banking that they think “its real value lies in the new sector’s capacity to understand and harness financial data – delivering insights that help institutions to serve customers better.”
Projects like this “only serve to reinforce that belief.”
For more details on this update, check here.